11 July 2022

Artemis Resources Limited

("Artemis" or the "Company")

(ASX/AIM: ARV, FRA: ATY, US: ARTTF)

Greater Carlow Project

Crosscut Copper-Gold Zone - Broad High-Grade Intercepts

Artemis Resources Limited is pleased to provide an update on activities at the Crosscut Zone (Figure 2) at its 100%-owned Greater Carlow Project, located in the Pilbara Region of Western Australia.

The Crosscut Zone has been interpreted to be a series of north-south striking, high-grade repeating en echelon structures constrained by northwest striking bounding structures. These northwest structures appear to be later in the mineralising history of Carlow and may continue north and south, not necessarily terminating against the Eastern Zone of the Carlow Main Lode (Figures 2 and 3).

Highlights

·    Major Copper-Gold Zone emerging at the Greater Carlow Project with excellent first results from Crosscut Zone drilling campaign comprising 28 Reverse Circulation ("RC") drill holes for 5,494m and one diamond drill tail for 135m.

·    Diamond drill hole 22CCRD008 intersected massive sulphides, Figure 1, returned:

·    16.6m @ 2.73% Cu, 1.19g/t Au, 0.049% Co from 255.8m

o  Including 1.18m @ 15.65% Cu, 5.40g/t Au, 0.090% Co (and 42.09g/t Ag) from 256.8m

o  Including 3.57m @ 5.90% Cu, 3.30g/t Au, 0.050% Co, (and 16.07g/t Ag) from 265.49m

·    Standout high-grade intersections in the RC holes include:

·    15m @ 2.02% Cu, 0.63g/t Au, 0.171% Co, from 299m; Hole ARC389

o  Including 1.0m @ 6.29% Cu, 1.9g/t Au, 0.200% Co from 300m

o  Including 1.0m @ 6.32% Cu, 0.33g/t Au, 0.044% Co from 307m

o  Including 1.0m @ 3.40% Cu, 2.08g/t Au, 0.687% Co from 309m

·    13m @ 2.58% Cu, 0.62g/t Au, 0.057% Co, from 130m; Hole ARC387

o  Including 4.0m @ 7.59% Cu, 1.81g/t Au, 0.148% Co from 131m

·    8m @ 2.35% Cu, 5.01g/t Au, 0.400% Co from 83m; Hole ARC366

o  Including 1.0m @ 4.03% Cu, 9.04g/t Au, 0.377% Co from 83m

o  Including 1.0m @ 9.02% Cu, 11.25g/t Au, 1.265% Co from 85m

·    11m @ 1.0% Cu, 0.75g/t Au, 0.037% Co, from 130m; Hole ARC392

o  Including 1.0m @ 2.70% Cu, 0.92g/t Au, 0.04% Co from 136m

·    Drilling at Crosscut has now defined a significant, near-surface mineralised system that Company geologists believe have the potential to extend further to the north and south, significantly increasing the footprint of the Carlow Area.

·    Results for 7 drill holes at Crosscut and 5 at Carlow West are pending. These additional holes will be released when assays are received.

http://www.rns-pdf.londonstockexchange.com/rns/9279R_1-2022-7-10.pdf

Figure 1: Image of portion of length of massive sulphide mineralisation from Crosscut diamond hole 22CCRD008 from ~257.5m downhole.

Alastair Clayton, Executive Director commented: "The aim of this program was to continue to test and follow trends of mineralisation and test the structural model at Crosscut. The assays that have returned to date support our geological observations, and we believe that the exploration team has delivered what could be a game changing result for the future of the Greater Carlow Project.

We very much look forward to reporting the 12 holes still pending and more importantly adding our 2022 drill results to the upcoming Greater Carlow New Resource Model."

http://www.rns-pdf.londonstockexchange.com/rns/9279R_1-2022-7-10.pdf

Figure 2: Location of major sub-deposits of the Greater Carlow Project and drill holes from recent campaign. Assays received (green), assays pending (red). 

http://www.rns-pdf.londonstockexchange.com/rns/9279R_1-2022-7-10.pdf

Figure 3: Location of drill holes at Crosscut and section lines. Red arrows indicate potential for mineralisation extension.

A diamond hole was drilled in response to the high-grade intersection in ARC344 which returned 22m @ 2.23g/t Au, 1.39% Cu, 0.457% Co from 247m. (ASX Announcement 19^th Nov 2021 "High-Grade Gold and Copper Intercepts from the Carlow Crosscut Zone")

Best intersection in the diamond core was 16.6m @ 2.73% Cu, 1.19g/t Au, 0.049% Co from 255.8m.

Table 1 of results are noted below:

Table 1: Significant intersections for the diamond hole

Mineralisation style encountered in hole 22CCRD008 is quartz-carbonate breccias and veining with sporadic agglomerations of sulphides and massive sulphide infills. This includes visible sulphides comprising of chalcopyrite, pyrrhotite and pyrite.

Geometry of the mineralised lodes are shown in Figure 4 with core photos of the mineralisation shown in Figure 5 and 6.

http://www.rns-pdf.londonstockexchange.com/rns/9279R_1-2022-7-10.pdf

Figure 4: Section 9,960mE showing significant intersections for hole 22CCRD008. High grade intersections for ARC344 included for comparisons. Hole ARC392 drilled updip from the massive sulphide occurrence hit mineralisation ca110m above the massive sulphide intersection.

Structural information from the core suggests that the mineralisation does strike N-S locally, with vein sets typically dipping steeply to near vertically east. These are controlled by NW trending lineaments.

Mineralisation trend in the Crosscut zone seems to indicate that the plunge of mineralisation is moderate to steep to the south.

Mineralisation can be seen at the end of hole (EOH) and drilling did not proceed as the drillers had a lack of drill rods to continue. Mineralisation at EOH in core can be seen in Figure 7.

http://www.rns-pdf.londonstockexchange.com/rns/9279R_1-2022-7-10.pdf

Figure 5: HQ drill core - Part of the upper zone of the broader 16.6m interval showing the massive sulphide zone with brecciated upper contact which returned a result of 1.18m @ 15.65% Cu, 5.40g/t Au, 0.090% Co from 256.84m. Core tray is 1065mm long.

http://www.rns-pdf.londonstockexchange.com/rns/9279R_1-2022-7-10.pdf

Figure 6: HQ drill core - 22CCRD008 (263-273.5m) interval of significant vein hosted sulphide forming lower part of the broader 16.6m interval with a significant grade of 3.14m @ 6.38% Cu, 3.61g/t Au, 0.059% Co from 265.92m. Core tray is 1065mm long.

http://www.rns-pdf.londonstockexchange.com/rns/9279R_1-2022-7-10.pdf

Figure 7: ~300mm of HQ drill core - 22CCRD008 mineralisation occurrence at EOH 315.3m.

Six holes to the north (ARC 363 to 365 and ARC395 to 397) were drilled based on extending the mineralisation to the north from the high-grade intersections encountered in holes ARC366 and ARC367 which returned grades of 8m @ 2.35% Cu, 5.01g/t Au, 0.400% Co from 80m and 8m @ 0.98% Cu, 0.96g/t Au, 0.020% Co from 167m, respectively as shown in Figure 8.

Holes ARC363, 364 and 365 encountered massive basalts and returned no significant results.

http://www.rns-pdf.londonstockexchange.com/rns/9279R_1-2022-7-10.pdf

Figure 8: Section through 10,200mE Local Grid showing high-grade intersections for ARC366 and ARC376. Refer to Figure 3 for section location.

Logging of holes ARC395, 396 and 367 showed that the NE holes encountered a major fault zone and intersected pelites and black shales. Hole ARC395 showed presence of sulphides associated with fuchsite with silicification and sericite alteration as shown in Figure 9, 10 and 11. Assays for these holes are pending. Please refer to Figure 3 for hole collar position.

http://www.rns-pdf.londonstockexchange.com/rns/9279R_1-2022-7-10.pdf

Figure 9: RC drill chips - Interval of sulphide and fuchsite in Hole ARC395. Assay results are pending for this hole. Each chip compartment is 25mm wide.

http://www.rns-pdf.londonstockexchange.com/rns/9279R_1-2022-7-10.pdf

Figure 10: RC drill chips - Sulphide occurrence in Hole ARC395. Assay results are pending for this hole. Each chip compartment is 25mm wide.

http://www.rns-pdf.londonstockexchange.com/rns/9279R_1-2022-7-10.pdf

Figure 11: RC drill chip (~3cm in diameter) ARC396 [107-108m] 1% pyrite and pyrrhotite in silicified sericite matrix. Assays are still pending for this hole.

Table 2: Significant assay results of interest for the Crosscut Zone

Two additional holes, ARC387 and ARC389 drilled on section 9,920mN Loc (40m to the south) had intersected mineralisation near the proposed pierce points.

These holes are shown in Figure 12 with RC chips with sulphides shown in Figure 13.

http://www.rns-pdf.londonstockexchange.com/rns/9279R_1-2022-7-10.pdf

Figure 12: Section 9920mE looking Northwest showing additional holes that had intersected mineralisation 40m to the south of section 9960mE. This shows the continuation of what is the massive sulphide interval to the south through the sections. The intersection of 4m @ 1.02% Cu, 0.76g/t Au, 0.16% Co from 135m occurs in the Crosscut 2 zone.

http://www.rns-pdf.londonstockexchange.com/rns/9279R_1-2022-7-10.pdf

Figure 13: RC drill chips - Sulphides in quartz vein breccia at 310m in hole ARC389 showing similarities to the vein breccia in diamond hole 22CCRD008

An additional hole ARC403 had intersected sulphides consistent with those in the high-grade zones to the south, meaning that the mineralised envelops had 'stepped' over to the west, in true en echelon form. Figure 14 shows the sulphides that have been intersected in hole ARC403.

Refer to Figure 3 for drill collar location.

http://www.rns-pdf.londonstockexchange.com/rns/9279R_1-2022-7-10.pdf

Figure 14: RC drill chips - Sulphide occurrence in ARC403 comprising pyrite and pyrrhotite. Assays results are pending. Each chip compartment is 25mm wide.

It appears that the Crosscut Zone is copper-rich, with zones of higher-grade Au.

It is common for mineralised structures to anastomose downdip and they also tend to stagger or step sideways within the confined margins of the NW zones.

There is now growing confidence in the interpretation, and it is now believed that the mineralisation in Crosscut plunges moderate to steeply to the southeast, towards Carlow East Main Zone.

Additional drilling required to extend the Crosscut Zone to the north. Planning is in progress to determine the interaction with the Carlow East Zone, located to the south of Crosscut.

Additional work at Crosscut

·    Test the area to the north of the Crosscut Zone where the interpreted structures trend as shown in Figure 15.

·    Include surface mapping to trace out NW structures over the ridges and the northern part of the tenement. Follow up with drilling.

·    Chase out mineralisation to the south and the interaction between the Crosscut Zones and Carlow East Main Zone.

·    Test the new corridor to the west, which has been drilled and required further follow up.

·    Plan additional diamond drilling which can be used for metallurgical test work.

http://www.rns-pdf.londonstockexchange.com/rns/9279R_1-2022-7-10.pdf

Figure 15: Showing the location of the holes to test the mineralisation to the north. ARC403 encountered sulphides but assays are pending. Interpretation of the magnetics have identified similar NW structures to the west and NW along strike. The area north of the cataclasite ridge is considered prospective for mineralisation.

Recent drilling and exploration have identified several targets that require follow up work including mapping and drilling. From the interpretations and work completed to date, there is a high chance that Carlow will continue to grow through further discoveries and creating shareholder value through exploration success.

Table 3: Drill hole co-ordinates and metadata for recently completed drilling

Table 4: Complete list of holes drilled at Crosscut with results

Competent Persons Statement:

The information in this announcement that relates to Exploration Results and Exploration Targets is based on information compiled or reviewed by Mr. Steve Boda, who is a Member of the Australasian Institute Geoscientists.  Mr. Boda is an employee of Artemis Resources Limited. Mr. Boda has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Boda consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

This announcement was approved for release by the Board.

For further information on the Company, please visit www.artemisresources.com.au or contact: 

About Artemis Resources

Artemis Resources (ASX: ARV; FRA: ATY; US: ARTTF) is a Perth-based exploration and development company, led by an experienced team that has a focus on delivering shareholder value from its Pilbara exploration projects - the Greater Carlow gold-copper project in the West Pilbara and the Paterson Central gold-copper project in the East Pilbara.

JORC Code, 2012 Edition - Table 1

SECTION 1 SAMPLING TECHNIQUES AND DATA

 (Criteria in this section apply to all succeeding sections.)

SECTION 2 REPORTING OF EXPLORATION RESULTS

 (Criteria listed in the preceding section also apply to this section.)